First, the Video Interview:

Some info:

"Ninja Gaiden is a franchise that was born on Xbox…this is our mainstream. It's only natural that the sequel should be on Xbox 360," Tomonobu Itagaki says through a translator to the small, but crowded, audience gathered to listen to him speak about the upcoming Ninja Gaiden 2. IGN is the only media outlet in the room; the crowd comes from a small army of Microsoft marketing and PR agents eager to listen in. That's because Microsoft announced at this year's Tokyo Game Show that it would be publishing Ryu Hayabusa's next adventure for Xbox 360, ensuring its exclusivity.

[...]

Ninja Gaiden 2 is being treated as full sequel in every sense of the word. Itagaki isn't afraid to admit there were issues with Ninja Gaiden, but looks forward to putting the experience to good use. "When we look at this as the true sequel, one of the most important aspects is going back and saying 'What worked and what didn't?' and cutting out the things that didn't."

[...]

The blood won't just spray out in plumes; it will have a more "viscous" feeling to it. Decapitations and limb dismemberments are moving from comical effects to gruesome and gore filled scenes. It's not just a visual kick in the pants, either. Ninjas and members of the military wont give up when they lose an arm or a leg -- they'll get angry and desperate. The AI patterns of your foes will change depending upon how many pieces you've chopped them into. Each move for any particular weapon will have its own percentage chance to remove a body part.

[...]

A lot is changing or being added for Ninja Gaiden 2. Weapons are now mapped to the d-pad, allowing players to switch on the fly without having to go to the pause menu.

[...]

The continued evolution of Xbox Live is giving Itagaki reason to look at downloadable content in a new way. "Now with 360, we have a much higher percentage of people that are logged onto Xbox Live. We also have a greater definition of what the download content is. We have all of these useful categories defining what kind of content we can put onto that service. I think I'm going to treat the downloadable content this time around as something that can extend the play experience for people that bought Ninja Gaiden 2."

[...]

If you've played Halo 3 or Dead or Alive 4, then you know how open Team Ninja is to collaborations. The Hayabusa armor in Halo 3 is simply great. But would you believe that a partnership with Hideo Kojima almost came to be? "A few months ago I was talking to Kojima-san from Konami and we were discussing the possibility of putting Raiden from Metal Gear Solid into Ninja Gaiden 2. That's something that we examined and looked at, but I don't think it's going to be able to happen. It just didn't work out."

Screens:

Full source material: http://xbox360.ign.com/articles/837/837523p1.html

Looks promising.

"Ninja Gaiden is a franchise that was born on Xbox…this is our mainstream. It's only natural that the sequel should be on Xbox 360,"

Actually Ninja Gaiden, much like Metal Gear Solid, was born on the first Nintendo console. But yeah, the 3d one was born on Xbox.

Ninja Gaiden 2?  But...I already beat that game...on the NES...

Have they shown any screens or art of The Dark Sword of Chaos? Or, wait...

chunky pieces of meat... yum...

GooseGaws +1

And honestly, if there was something wrong with NG it's news to me.

@RolStoppable:

Agreed; perhaps they can devise a new physics engine that will allow the blood itself to bleed. REAL next-gen confirmed!

looks fantastic im seriously pumped for the game

It looks just insane. I can't understand how this would not be banned (in some countries) - its just too violent.